Aya Gold & Silver Inc.
Company Overview
Aya Gold & Silver Inc. (TSX/NASDAQ: AYA) is a Canadian precious-metals mining company focused on Morocco. The company’s flagship asset is the Zgounder Silver Mine, which completed a major expansion and ramp-up and is now operating above original nameplate capacity. 2026 production guidance is 6.2–6.8 million ounces of silver-equivalent (AgEq), comprising 5.2–5.8 Moz from Zgounder and approximately 1.0 Moz from the Boumadine pyrite reclaim operation. Second-quarter 2026 production was a record approximately 1.68 Moz AgEq (1.49 Moz silver from Zgounder plus ~0.19 Moz AgEq from Boumadine), up 61% year-over-year. Revenue reached US$97 million (up 151% YoY) and operating cash flow was US$48 million. Cash costs at Zgounder improved to approximately US$17.69 per silver ounce sold in the quarter. Cash and cash equivalents were approximately US$183 million. An updated mine plan supports average annual production of ~6 Moz silver over the Zgounder life of mine to 2036. Boumadine is being advanced through economic studies as a larger-scale growth project. Market capitalization is approximately US$3.7 billion. CEO is Benoit La Salle.
Investment Thesis
Aya offers leveraged exposure to silver through a ramped, high-margin Moroccan operation (Zgounder) that is generating strong cash flow, plus growth optionality at Boumadine and a broader exploration portfolio in Morocco. Record Q2 production, rising throughput above nameplate, improving unit costs and a solid cash position support the near-term investment case. Key risks include silver-price cyclicality, single-jurisdiction (Morocco) concentration, operational execution risk as the plant sustains elevated throughput, and the capital and timeline required to advance Boumadine to full production. Relative to pure explorers or single-asset developers with no cash flow, AYA ranks lower risk as a producing silver company; residual commodity and jurisdiction risks remain material.
